Multi-Family 1031-Exchange | Houston, Texas
Terrydale Capital
Sep 16, 2022 3 Min read
Today’s Deal Spotlight covers the $700k acquisition of a multi-family asset in Houston, Texas. Due to its size, the converted motel with 250 sq. ft. units had a smaller lender pool. However, by working with TDC, our client ensured the quality of their options would not be affected.
What We Were Up Against
Because our client was using a 1031 exchange, it was important to close within a time frame to avoid incurring penalties on the funds. They also wanted to lock in a long-term fixed rate due to concerns over increases in the market. In addition to these difficult asks, we were working with a seller and broker who would not extend financing contingency and did not want to provide the appraiser with interior unit access.
What Our Team Helped Turn Around
In typical TDC fashion, we got to work navigating the more stressful parts of the deal, locking in a 10-year term and stepdown prepay, and pushing through the limitations from the broker and seller. Through a combination of persistence and managed communication, we closed a week early on the following terms:
- A 717,000 Acquisition
- 6.50% Fixed Interest Rate
- 10-Year Loan Term
- 30- Year Amortization
- 56% LTV
In Closing
When it comes to commercial real estate financing, Terrydale Capital is the number one partner and advocate an investor can have on their side. We prioritize competitive terms and client success regardless of deal size and complexity and elevate the resources and decision-making processes available to new and experienced investors.
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Headquartered in Dallas, Texas, Terrydale Capital is a leader in commercial real estate financing. We have close relationships with the nation’s top banks, lenders & family offices allowing us to provide the most competitive financing solutions in the market.
